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Put yourself first – think about your retirement earlier, over 45s urged

2 July 2018

New research has found that 62 is the age at which Britons finally start to enjoy their wealth and concentrate on their own future. So should they be meaner and start thinking about themselves earlier?

The findings by pension advice specialist Portafina also revealed that the top five aspirations of those aged 45 and above are travelling (47%), spending time with family (37%), spending time on an existing hobby (24%), spending more time going out with friends (24%) and retiring (22%).

However, more than a third (37%) don’t believe they are currently saving/have saved enough, whilst those aged between 55 and 59 (36%) don’t think they are saving enough despite wanting to retire in the next 10-15 years.

The research highlighted three major barriers to saving; income versus outgoings (34%), unexpected costs (32%) and supporting family members (20%).

Over a third (36%) of future retirees expressed concern about paying bills with their monthly pension payments, while those already retired cited not having enough money to sustain their lifestyle as their biggest financial concern.

Jamie Smith-Thompson, managing director, Portafina, said: “A quick Google search throws up lots of how-to lists when it comes to planning for a better financial future. But you’ve got to question how useful these lists really are if, as a nation, we are not being a bit more selfish about our money until we reach our early 60s! Don’t get me wrong, practical checklists can be a great help when it comes to financial planning. But sometimes a change of attitude is just as important.

“Like most of us, I’ll do anything to help my family and friends. And yet, I think it’s really important to get the balance right. There’s nothing wrong with sometimes saying no to others if it means you can put more aside for your future. Why shouldn’t you get to do more of the things you want to do as you get older?”

Meanwhile, Geraldine Joaquim, de-stress coach at Mind Your Business, commented: “Just thinking about the future is the start of moving you towards the goal.  Whether you’re interested in travelling or building a lifestyle business, maybe taking up a new hobby or finally finding your groove after years of full time work and children, putting your plans on paper is an important aspect of making them come to fruition.

“Without planning, all those big ideas are just that: ideas that drift around our minds for a while but they will eventually disappear if not captured and pushed forward in some way. The very act of writing them out makes them more concrete and helps you visualise the steps you might need to take you there, it’s a kind of mind-mapping which gets your subconscious thinking about what the next logical step should be to make your plans a reality.”

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